NEWS MIRROR

By Akinola Ajibade Nigeria has recorded increase in the payment of subsidy on petroleum products, a  development, which means that the country would still grapple with scarcity of the products as time goes on. Presently, the total amount paid for petrol subsidy in the last 17months(1.5trillion in 2021)has risen to N2 84trillion. This shows that subsidy on petrol has grown by 190 92 per cent in the first five months of 2022 to hit N1.274 trillion compared to N438.36 trillion recorded in the corresponding period of last year. Latest data on subsidy by the Nigerian National Petroleum Corporation, NNPC Limited, showed that subsidy in May 2022 rose by 99.2 percent to N227.72 billion compared to N114.34 billion recorded in May 2021. Also the N503.31 billion incurred in April 2022 was 398 percent higher than N126.29 billion recorded over a similar period in 2021. In March 2022 subsidy of N152 billion was also 35.7 percent higher than N111.96 billion recorded in March 2021. Petrol subsidy ...

By Akinola Ajibade Marketers have said that immediate removal of (Value Added Tax(VAT) from the gas sector, is the only antidote to the rising prices of Liquefied Petroleum Gas( LPG) also known as cooking gas in the country. They said the imposition of VAT on cooking gas and other materials was responsible for the upward trend in the prices of the product since two years.  Currently, a 12.5 kilogramme gas cylinder is filled  with between N11,000 and N12,500. Speaking  during an appearance with the joint committee of the House of Representatives in Abuja recently, the President, Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM), Mr Olapado Olatubosun, blamed the ‘portfolio investors’ for the high cost of cooking gas.  He urged the Federal Government to remove VAT from the gas sector to maintain price stability, adding that middlemen rely on it  to maximise profit by as much as 100 per cent. The government, Olatubosun said, has through the Nigeri...

By Akinola Ajibade The Federal Government has realised  N200billon and $7million as signature bonuses from the Marginal Oil fields, the Minister of State for Petroleum Resources,Chief Timpreye Sylva has said. He said this, while awarding licences to companies, which won the bids. The government announced the bids for the 57 marginal oil fields two years ago and brought it a close recently. The firms, which received the Petroleum Prospecting Licences (PPL) to operate the oilfields, include Matrix Energy, Sun Trust Oil, Petrogas Energy, Genesis Hydrocarbons,Samira Oil & Gas, Ardova, Terra Energy and Mainland Energy. Others are Energies, Bono, Calm Marine, Virgin Forest, Tempo, Deep Offshore, North Oil, Shepherd Oil, Hiltop Global, Duport among others. Speaking at the ceremony where the awardees were given their licenses, Sylva described the bid rounds as a giant milestone for the current administration, adding ithat about 70 percent of the entire bid winners had fully paid up. He...

By Akinola Ajibade Operation of the Niger Insurance and Standard Assurance, would henceforth be under the control of  two receivers namely Mesrs Sanya Okunkuade and Kehinde Aina respectively. Their appointment follows the decision by the  National Insurance Commission ( NAICOM) to liquidate the two composite insurers recently, over industry matters. NAICOM, in a statement, said that it has appointed receivers to oversee the liquidation of two firms, since it has withdrawn their operational certificates.. NAICOM, in a statement signed by its Head of Corporate Communications and Market Development, Razak Salami, assured stakeholders of the safety and protection of their interest. The statement reads: “This is to notify all insurance stakeholders and members of the public that the Insurance Regulators- National Insurance Commission, NAICOM has cancelled the certificates of registration of Standard Alliance Insurance Plc, RIC – 091 and Niger Insurance Plc, RIC – 029 with effect fr...

  By Akinola Ajibade Senate, yesterday, agreed to send a delegation to meet its former Deputy President, Ike Ekweremadu, in London, United Kingdom. Sources close to the News Mirror said that the Senate is sending a high powered delegation to London, as part of efforts to identify with Ekweremadu during his travails. It would be recalled  that Ike Ekweremadu was detained alongside his wife, Beatrice over alleged “organ harvesting” in the United Kingdom. The Senate’s decision was after they met behind closed doors for two hours on Wednesday. The Senate President, Dr. Ahmad Ibrahim Lawan commended defence lawyers to Senator Ekweremadu and his wife, who he said were working hard to get them out of detention. He disclosed that he met with the British High Commissioner who briefed him on progress of the case as well as details of what transpired Lawan added that the Senate delegation would include the members of the Senate Committee on Foreign Affairs. “The Senate delegation will in...

No fewer than N200bilion and $7million was realised as signature bonuses from the Marginal Oil fields exercise by the Federal Government.  This Minister of State for Petroleum Resources, Chief Timpreye Slyva,  disclosed this yesterday, while awarding  licences to companies, which won the bids. The government announced the bids for the 57 marginal oil fields two years ago and brought it a close recently. Some of the firms, which received the Petroleum Prospecting Licences (PPL) to operate  the oilfields, include Matrix Energy, Sun Trust Oil, Petrogas Energy, Genesis Hydrocarbons,Samira Oil & Gas, Ardova, Terra Energy and Mainland Energy. Others are Energies, Bono, Calm Marine, Virgin Forest, Tempo, Deep Offshore, North Oil, Shepherd Oil, Hiltop Global, Duport among others. Speaking at the ceremony where the awardees were given their licenses, Sylva  described the bid rounds as a giant milestone for the current administration, adding ithat about 70 percent of ...

By Akinola Ajibade Consumers of electricity in Ibadan, Ogbomoso, Oyo and other areas are going to be in darkness soon, in the event that they fail to pay their bills, the badan Electricity Distribution Company (IBEDC) has said. IBEDC covers Ibadan, Ogbomoso, Oyo and other areas in its jurisdiction. IBEDC's Chief Operating Officer (COO), Engr. John Ayodele urged customers to pay their bills in order to avoid being disconnected. He said:“We are retooling our revenue drive strategy to ensure that the monies that have been left uncollected through huge debts, non-payment of bills, underpayment of bills, meter bye-passing, use of illicit meters and energy theft are raked in to enable us to meet our obligations to the customers and the market operators”. “As we all know there has been a major drop in the electricity generated across the country that has invariably caused the reduced power supply to our valued customers; this drop in generation from the GENCOs is also traceable to their i...

Deborah, all smiles as she ready for Houston Law Centre By Akinola Ajibade Becoming a duly certified lawyer is a task in Nigeria, as it requires burning the midnight candles in order to study hard,coupled with the fact it requires spending a lot of money on books.  This is a childplay when compared to  United States of America ( USA), where studying law is much more demanding. Why? A considerable amount of energy and money are expected from the prospective barristers at law in U.S in other to scale through a lot of things  before he or she can be  addressed as lawyers. In this interview with Akinola Ajibade, the Managing Editor, News Mirror, a fast growing online medium in Lagos, Lagos, Nigeria, Deborah Gills Harry, opened up on what informed her decision to  study law in in the United States.. Excperts. Can we know you more and  what really motivates you to study law? I'm Miss Deborah, daughter to Mr Gills Harry, one of the critical stakeholder...

By Akinola Ajibade  Energy Plc has started selling gas to First Independent Power Limited (FIPL) with a view to improve generation of electricity in the country.  The firm is achieving the feat through its subsidiary- Accugas. A  British Independent Energy Company, which focuses on the delivery of essential projects,  of which power is the major one, as Nigeria and Africa in particular is bedeviled with irregular power supply, the company is unequivocal of its plans to help Nigeria improve distribution and generation of power. The company,in a statement, made available to News Mirror,  said that its pleased to annouced that  Accugas Limited (“Accugas”), gas sales to First Independent Power Limited’s (“FIPL”) Trans Amadi power plant in Port-Harcourt, Nigeria, through Accogas, in which its holding 80 per cent stakes. Savannah, hitherto announced in April 2022, that it has  executed an addendum to its gas sales agreement with FIPL, allowing FIPL to increa...

  By Akinola Ajibade  Bread, a commonly eaten staple food in Nigeria, may  disappear from the family's menu soon, in the event that the Federal Government fails provide solutions to the rising cost of making materials in the country. This happens, as the bread producers and caterers have threatened to withdraw their services nationwide , on account of the huge increase in bakery materials and the decision by the government not to reverse the situation. Prior to this period, the News Mirror, reported that the price may increase to N1,000 per load, in the event that urgent solutions are not proffer to the Russian/ Ukraine crises on time. Reason being that Russia is one of the major producers of wheat globally, a development, which has made Nigeria to import 30 per cent of wheat and other baking materials from Europe. Conveying the threats to withdraw services from the country in a communique which was forwarded to the media on the eve of the cost of baking mater...

By Akinola Ajibade Stakeholders are holding divergent views on the lingering strike actions, the Academic Staff Union of Universities ( ASUU) have embarked upon in order to press home their demands for improved welfare services. The labour dispute has entered four months,with ASUU,an association of lecturers of the Nigerian Universities, maintaining its stand on the issue, regardless of the fact that students and parents are at the receiving end of the dispute. According to some of the stakeholders, who are drawing from the oil and gas sector of the economy, ASUU  allow mercy to prevail by calling off its strike in order to resume activities. The Chief Executive officer, 11 Plc, formerly Mobil Oil Nigeria Plc, Mr Tunji Oyebanji, is interested in seeing ASUU reaching an agreement with the Federal Government, in order to end the issue and further allow students to resume academic activities. He said:" In life there is always compromise, why are the lecturers insisting on 100 per cen...

By Akinola Ajibade Indications emerged that businesses and individuals in Rivers state, especially Port Harcourt are going to feel the weight of the lingering fuel scarcity before the close of works tomorrow, Friday, as outlets are running out of the products.  The News Mirror investigation reveals that retailers are still dispensing fuel albeit gradually in the Garden City and that they may run out of Petroleum Premium Spirit (PMS) soon, unless drastic efforts are made by the Nigerian National Petroleum Company ( NNPC) Limited and Petroleum Products Marketing Company ( PPMC) to supply them fuel. Confirming the development, the President,  Petroleum Products Retail Outlets Owners Association of Nigeria( PETROAN), Mr Billy Gills told the News Mirror that fuel is still much available in Port Harcourt and that outlets would run our of stock latest this Friday. Gills, who  said that he was on tour of Port Harcourt at the time of speaking with the medium, stressed ...

By Akinola Ajibade  The last is yet to be heard over the death of a secondary school girl in Ondo state, who was swept away by flood, while coming from her institution of learning. Identified as Motunrayo John, her departure from this world is still a misery to residents of Ikare Akoko, the headquarters of Ikare Akoko Local Government of Ondo state, as they are neither ready to speak on the incident, nor  comment on how the tragedy occured. News Mirror investigations show that the flood was said to have been caused by a downpour in the community. It was gathered that the incident happened in Semusemu area of the town. A source, who spoke under cover in the community, said the girl was playing with erosion and she put her legs inside the water when she mistakenly slipped into the water and was carried away. “The only thing found while searching for her is her mathematical set,” the source said. The Divisional Police Officer in Ikare Akoko, Mr. Olatujoye Akinwande, who confirmed...

By Akinola Ajibade  Private Sector opertors including Manufacturers Association of Nigeria (MAN) and the Lagos Chamber of Commerce and Industry (LCCI), have  blamed the deteriorating state of the nation’s economy on poor policy framework and execution by the President Muhammadu Buhari led administration.  Recall that President Buhari recently said that his administration was far better that of  to his predecessor’s, a development, which has set the tongue wagging among economic watchers in the country. According to a report in one of the dalies, the organized private sector has unanimously described the policies of the current government as non-beneficial. The report further said that policies initiated and implemented by the current administration in the country have not translated into positive economy growth and real sector development. Quoting the Chairman of the Gas Group of MAN,  Ola Adebayo, the report said Nigeria’s economy and the industrial sector, in ...

By Akinola Ajibade The  current fuel scarcity in the country may not unconnected with the drop in supply of the product from the Petroleum Products Marketing Company ( PPMC), a subsidiary of the Nigerian National Petroleum Company ( NNPC) Limited, the Major Oil Marketers Association of Nigeria ( MOMAN) Chairman, Mr Olumide Adeosun, has said. MOMAN is made up of seven bigger oil companies in the nation's downstream sub-sector of the industry. Adeosun said this, yesterday during a virtual media briefing on the scarcity of fuel in the country. He said that the country has experienced drop in supply of fuel by 68.04 per cent in the last three months. Accorfing to him, the sector has being experiencing a steady drop in the supply of petrol from the importer of last resort-the Petroleum Products Marketing Company (PPMC) in the last three months, adding that the industry hopes to get over deficiencies in the supply of the products soon.

By Akinola Ajibade Nigerians are in for hard times, as the price of cooking gas, also known as Liquefied Petroleum Gas (LPG) increased greatly across the country. The price of LPG has in the last one year being on the upward trend, a development, which has forced household and industrial users of gas to ration the product, while others resort to alternative and primitive means of cooking such as firewood and sawdust. The News Mirror findings show that Russian- Ukrainian war has caused a lot of disruption to the supply chain of the product. The Nigeria LNG which has been very active in the production and supply of the commodity cannot produce all that is needed domestically. The larger chunk of the LPG needed in the country is imported and because of this, it has fallen victim to this war which nobody can predict when it is going to end. Another thing that is responsible for the increase in the price of the product is the issue of foreign exchange. The Naira has been hig...

Football fans, who engage in extral marital affairs during the 2022 World Cup in Qatar risked going to jail for seven years, Federation Internationale Football Association ( FIFA) have said. The mundial will take place between November 28th to December 18th this year. The world football Governing body, said that failure to abide with its rules during the tournament is equal to a trial of seven years in prison, according to the British press. Daily Star reports that sex will be officially banned at the tournament, which starts on 21 November, except for married couples. Sex outside marriage and homosexuality are illegal in Qatar and each carries a prison sentence of up to seven years. FIFA officials have warned that there will be “no exceptions”. Meanwhile, a police source was quoted in the British press saying that “sex is not the order of the day, unless you come as a couple”. There will certainly be no one-night stands at this tournament. There will be no partying at all, really. Eve...

By Akinola Ajibade The Federal Government, Major Oil Marketers Association of Nigeria (MOMAN) and the Nigerian National Petroleum Company ( NNPC) Limited are working together in order to  make petroleum products available and further solve the lingering fuel scarcity in the country, MOMAN's Chairman, Mr Olumide Adeosun, has said. Also included in the fight against scarcity of the petroleum products, which has become a debacle in the countre are Petroleum Products Marketing Company ( PPMC), a subsidiary of NNPC, Nigerian Association of Road Transport Owners ( NARTO) and other critical stakeholders in the nation's energy value chain. He spoke during a virtual media briefing organised by MOMAN in Lagos recently. At the briefing are energy correspondents drawn from the Nigeria and Bloomberg, an international online media outfit. According to him, stakeholders, including government are putting heads together with a view to nip in the bud supply deficiencies a...

By Akinola Ajibade Fuel scarcity is bitting harder nationwide, as queues take over major cities such as  Lagos,  Ibadan, Abuja and others. The News Mirror findings reveal that most roads, especially highways in those cities area are occupy by motorists and passengers, who are  struggling to get fuel for their personal and commercial purposes. At the various filling stations, visited by News Mirror in Lagos,  passengers formed a long queues, with  jerry cans in their hands and stand for hours under the sun, with a view to buy the product. In Lagos and Ogun states, it was gathered that most filling stations are besieged with vehicles, in need of fuel.The outlets include those owned by Mobil, Capital, Fatgbems, Enyo, TotalEnergies NNPC and others in the nation's former capital. Though, they were selling fuel at N165 per litre, many of the  motorists are still finding it difficult to get the product for use. For instance, there were queues in states bordering N...

        By Akinola Ajibade The Federal Government and Fuel Marketers have disagreed over what should be the normal  price of the Premium Motor Spirit (PMS) also known as petrol, should be as the scarcity of the product persists in the country. Nigerians  woke up to witness scarcity of petroleum products on Monday, June 16th, this year, a development, which implies that the country is yet to get over the problem, which has become a common feature in the country. While government insists on the pump price of  N165 per litre as stipulated in the petroleum product pricing template, depot operators are not, as they claimed that the escalating cost of purchase are unsustainable and that the product ( fuel) should attract higher prices. The government also advised Nigerians against panic buying of PMS, disclosing that the country currently had over two billion litres of PMS in various depots. NPC & PPMC's views Both the Nigerian Midstream and Downstream P...

Why micro institutions undertake financial inclusion initiative- NAICOM The  Commissioner for Insurance,Mr Sunday Olorundare Thomas has explained that its reason for issuing operating licenses to micro insurance institutions was to ensure that Nigerians at the grass roots were not left out in the financial inclusion initiative of the federal government.   Thomas, stated this at the financial inclusion strategy conference organised by the Oriental News Nigeria, a Lagos based finance news online. The conference was tagged, “Engaging with Critical Groups to Develop Effective Financial Inclusion Initiative.” Represented by the Deputy Director/Head Corporate Communications & market Development NAICOM, Mr Rasaaq Salami, Thomas said micro insurance provided the leeway to protecting people’s property, safeguarding belongings from damages or loss and ensuring the insured did not suffer loss when the unexpected damage or loss occurs. Also speaking, the Director General Securiti...

By Akinola Ajibade Nigerians are in for hard times, as the price of cooking gas, also known as Liquefied Petroleum Gas (LPG) increased greatly across the country. The price of LPG has in the last one year being on the upward trend, a development, which has forced household and industrial users of gas to ration the product, while others resort to alternative and primitive  means of cooking such as firewood and sawdust. The News Mirror findings show that Russian- Ukrainian war has caused a lot of disruption to the supply chain of the product. The Nigeria LNG which has been very active in the production and supply of the commodity cannot produce all that is needed domestically. The larger chunk of  the  LPG needed in the country is imported and because of this, it has fallen  victim to this war which nobody can predict when it is going to end. Another thing that is responsible for the increase in the price of the product is the issue of foreign exchange. The Naira ...

Ikeja Electric loses a technician to death  By Akinola Ajibade A field  technician attached to Ikeja Electric has lost his life, while fixing wires on the electric pole in Igbogbo, Ikorodu Local Government Area of Lagos state. Named Matthew Umokoro, the technician was working on the electric pole to enable residents of the Itedo Oluwa Community Development Association have access to power when the pole suddenly broke. It was gathered that the 42-year-old technician was rushed to the Akinbola Hospital where he was confirmed dead. The Head of Corporate Communications, IE, Felix Ofulue, who confirmed the incident, said the firm has commenced an investigation and safety assessment of the incident. Ofulue said: “One of our staff, a field technician, suffered a fatal accident while working on an electric pole. He was rushed to a hospital, but unfortunately, he passed on. “It is a tragic situation and we deeply commiserate with his family and friends. Already, we have commenced an in...

By Akinola Nigeria  Nigeria  and Africa, in general has a crucial role to play in the global energy transition crusade, the Minister of State for Petroleum Resources, Chief Timipre Sylva has said. He said both the country and continent have leading role to play in order to achieve net-zero CO2 emission. Sylva spoke at the 10th Year Anniversary Celebration of West Africa Gas Pipeline Company ( WAPCo) in Lagos recently. The theme of the event is titled: Driving Regional Energy'. According to him, the Federal Government is also also taking steps to expand and develop his huge gas resources through enhanced gas exploration, development and utilisation schemes. Nigeria, Slyva said, has approximately 209 trillion cubic feet (TCF) of proven gas reserve, with a potential upside of 600TCF. “ Based on this, Nigeria is well placed to take a leading role in providing the much needed gas. “Furthermore, the recently enacted Petroleum Industry Act (PIA 2021) will undoubtedly support Nigeria’...